CBN Cannot Sustain The New Foreign Exchange Policy – Muda Yusuf

The Director General, Lagos Chamber of Commerce and Industry, Muda Yusuf says the Central Bank of Nigeria (CBN) cannot sustain the new Foreign Exchange Policy … Continue reading CBN Cannot Sustain The New Foreign Exchange Policy – Muda Yusuf


srThe Director General, Lagos Chamber of Commerce and Industry, Muda Yusuf says the Central Bank of Nigeria (CBN) cannot sustain the new Foreign Exchange Policy to improve the economy.

He noted that the CBN does not have the capacity.

According to him, “we need to create a window for capital competition to come in  to improve the foreign exchange”.

Mr. Yusuf made this known on Channels Television’s breakfast programme, Sunrise Daily.

He however, said “the fundamental issue with the foreign exchange situation in the country is a supply side issue, we have a supply crisis.

“This situation has come about because the CBN is virtually the only supplier in the market meanwhile, the CBN doesn’t have the capacity to support the market, they have always had supplies from autonomous sources.

“So, when you are dealing with this kind of method, you deal with it both on the supply side and on the demand side.

“What we have seen over the years is the concentration on managing demands, there is nothing on the table as we speak.

“To encourage supply, we need supply either from foreign direct investors, foreign portfolio investors or from our exporters”.

He added that the policy is only aggravating the demand.